News Corp has delivered a record fourth quarter, with net income surging 167 per cent (US$230 million) as the media giant credited its “digital-first” transformation, AI licensing opportunities and growth across its core businesses for the result.
The strong finish comes after News Corp’s second-quarter results earlier this year showed a more mixed picture for its traditional media operations, with the company continuing to argue that premium journalism and trusted content will become increasingly valuable as artificial intelligence reshapes the media landscape.
For the three months ended 30 June, News Corp reported revenue of US$2.3 billion, up 11 per cent year-on-year, while total segment EBITDA climbed 31 per cent to US$423 million.
Net income from continuing operations jumped to $230 million, compared with $86 million in the prior corresponding period, while reported earnings per share increased to $0.33 from $0.09.
News Corp chief executive Robert Thomson described the quarter as one of “record profitability”, saying the company’s investment in digital businesses, subscriptions and recurring revenue streams had strengthened its position despite ongoing disruption across media.
“These results mean that we have posted twelve consecutive quarters of year-on-year revenue growth and thirteen consecutive quarters of year-on-year Total Segment EBITDA growth,” Thomson said.
“For a company that is majority digital and has vastly expanded its portfolio of premium recurring revenues, the robustness of our strategy has allowed us to navigate tech and economic and political turbulence.”
For the full financial year, News Corp reported revenue of $9 billion, up 7 per cent, while EBITDA increased 15 per cent to more than $1.6 billion.
Free cash flow also rose 42 per cent to $811 million, allowing the company to accelerate its share buyback program, with $643 million worth of shares repurchased during the year.
News Corp highlighted three major growth engines — Dow Jones, Digital Real Estate Services and Book Publishing — as key drivers behind the record result.
Dow Jones revenue increased 7 per cent to $644 million, with EBITDA up 20 per cent to $181 million.
The business continued to benefit from subscription growth, with total subscriptions increasing 7 per cent year-on-year to more than 6.7 million. Digital advertising revenue also climbed 10 per cent during the quarter.
Digital Real Estate Services, which includes Australia’s REA Group and US platform Realtor.com, was one of the strongest performers, with revenue increasing 19 per cent to $553 million and EBITDA jumping 46 per cent to $222 million.
REA Group revenue rose 21 per cent, driven by growth in Australian residential listings, pricing increases and additional product offerings.
HarperCollins also delivered a strong quarter, with revenue increasing 15 per cent to $566 million.
Avoiding ‘slimy sea of AI slop’
Thomson also used the earnings call to reinforce News Corp’s position in the emerging AI economy, arguing that trusted journalism, intellectual property and premium content would become increasingly important as generative AI expands.
The company has been pursuing licensing partnerships with AI companies while also taking legal action against organisations it believes have used News Corp content without permission.
“Artificial intelligence itself is only as useful, only as trustworthy as the quality and integrity of its inputs,” Thomson said.
“Without our journalists, our authors, our data, our brands and our professional expertise, users would be drowning in a slimy sea of AI slop.”
The comments echo Thomson’s stance earlier this year, when he argued that AI platforms would increasingly need access to high-quality, authoritative content rather than low-value material generated at scale.
News Corp said 61 per cent of its fiscal 2026 revenue now came from digital businesses, reflecting its transition away from a historically print-led model.
The company said it expects continued growth in the current financial year, with further margin expansion anticipated across its major businesses.
